AI in Insurance
Old World
- Product recommendation from advisor experience
- Risk group classified using static data, e.g. age and medical history
- Labor-intensive claim processes take months to finish
- Customer churn analysis after the fact
- Many loopholes in insurance fraud detection
New World
- Product recommendation from deep analytics of customer data
- Risk group classified using broad spectrum of data, e.g. social media, click streams and web analytics
- Claims processed faster using automated image classification
- Customer churns predicted and intercepted in real time
- Insurance frauds more accurately detected from customer 360º analysis
- Increased revenue
Integrated customer view from non-traditional sources
Insurance companies have access to customer data from myriad sources such as clickstreams, Customer Relationship Management (CRM) systems, social media, and web logs. Views of customers are integrated into one holistic view for analytics. More accurately and automatically, insurance products can be recommended, cross-sell and up-sell opportunities can be identified, risk groups can be classified, and more.
Automated and targeted product recommendation
With a data-driven 360-degree view of customers, insurance companies can leverage AI to deduce the most relevant products for their customers. Given inputs such as age, gender, state, zip code, number of dependents, household size, and annual income, an AI platform can readily recommend burial coverage and term coverage in addition to general life insurance coverage. As a result, an agent selling insurance can more intelligently map product variables, such as term and face value, to the specific needs of a customer.
Crush complexity with customer 360
Life insurance, investing, and retirement planning are complex areas where there are numerous dynamic and interrelated data variables. A unified marketing and analytics platform built on top of AI allows insurance companies to crush complexity and realize their key customer objectives through improved customer intelligence.
Improve customer intelligence with AI today
AI enables the insurance industry to gain unprecedented customer intelligence. With H2O, insurance companies can harness the intelligence that has the potential to enable better campaigns to customers and prospects, more effective cross- and up-selling, improved customer service, and increased revenues. Let H2O help you improve your customer intelligence today.
Example Data Products
- Product recommendation automation
- Targeted cross-sell and up-sell
- Customer intelligence improvement
- Customer life time value improvement
AI in Auto Insurance
Old World
- Highest auto insurance premium for 21 year-old males regardless of driving patterns
- Labor-intensive claim processes take months to finish
- Customer churn analysis after the fact
- Many loopholes in insurance fraud detection
New World
- Risk group classified using broad spectrum of data, e.g. social media, click streams and telematics
- Claims processed faster using automated image classification
- Customer churns predicted and intercepted in real time
- Insurance frauds more accurately detected from customer 360º analysis
- Vehicle telematics enabling Usage-Based Insurance
Insurance benefits from information abundance
Today we are in an age of information abundance. Auto-insurance companies can leverage new kinds of data, such as social media, clickstreams and telematics. Underwriters need no longer rely exclusively on established variables like vehicle make/model, driving history and age to calculate the risks of the insured and the resulting premiums, for example.
Automated classification of risk groups and even claims
Vehicle telematics devices track variables such as speed patterns, location, hard braking, environment and weather. Auto-insurance companies can classify drivers into various risk groups can be done by more accurately by leveraging machine learning with this data. The technology allows for a classification process that is automated and error-proof. Besides risk group classification, Deep Learning algorithms can be applied to images of vehicle damage, allowing for automated claim classification.
Better productivity and profitability, and innovation
Auto-insurance companies can benefit in terms of productivity and profitability in underwriting and claim investigation by leveraging smart applications with embedded AI. From there, new business models such usage-based insurance (UBI) are made possible.
Reinvent auto-insurance with AI today
Through AI-based smart applications the auto-insurance industry is reinventing itself. Besides usage-based insurance, new practices in customer churn reduction, retention analysis, billing, fraud detection and threat analysis can be put into place to transform the auto-insurance industry at an accelerated pace. H2O provides an AI platform for auto-insurance transformations. Let H2O help you reinvent your auto-insurance practices today.
Example Data Products
- Risk group classification automation
- Claim classification automation
- Customer churn reduction
- Customer retention analysis
- Insurance fraud alert system
- UBI telematics
